Tata Group stocks fall after SP Group unveils ₹25,000 crore stake sale plan
As of 9:40 am, Tata Chemicals tumbled as much as 7.8%, while Tata Investment Corporation fell 3.9%. Tata Motors Passenger Vehicles dropped 2.6% and Tata Power lost 1.4%.
On Friday, most stocks of the Tata Group experienced declines following the announcement by the Shapoorji Pallonji Group of a plan to sell a stake in its holding company, Tata Sons. The proposed sale, which could yield proceeds of at least ₹25000 crore, was disclosed through the SP Group. The impact was evident early in the trading day, with Tata Chemicals plummeting by 7.8%, Tata Investment Corporation falling 3.9%, Tata Motors Passenger Vehicles dropping 2.6%, and Tata Power losing 1.4%.
Tata Steel saw a minor decrease of 0.15%, Tata Motors dropped 0.48%, and Tata Elxsi slipped 1.09%. However, Tata Capital managed a slight increase of 1.1%. This drop came after Tata Sons had reaffirmed N. Chandrasekaran as chairman for an additional five years and was considering a potential public listing. The SP Group's proposal included a two-part share buyout over the course of 18 months, intended to generate funds for the SP Group.
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